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The typical new home in the U.S. is shrinking
For everyone who says rents have to go up, and you can't save money renting, read that last part again.
Anything else will be a condo where I don't have to do shit after 60-65. Probably a 2/2 in a fun/warm area. Bounce back in the summer/hurricane season to IL.
Last October, Hernandez’s mortgage rate jumped by 2% to 5.125%, the maximum allowed in the first adjustment year
Sounds like year 2008, but at least in 2008 it was 2% ARM verses 5% Fixed — tough to say no to that 3 point difference. Getting a 2% verses 3% fixed in 2016 doesn't make much sense. Lock in 3% forever.
Most people don't need more than a 3/2.5. 2k sq. ft is about all people need in most situations, especially with a basement in our area. We're going 4/4.5, 2,400 sq. ft. Last home we're doing with kids. Anything else will be a condo where I don't have to do shit after 60-65. Probably a 2/2 in a fun/warm area. Bounce back in the summer/hurricane season to IL.
WookieMan says
Most people don't need more than a 3/2.5. 2k sq. ft is about all people need in most situations, especially with a basement in our area. We're going 4/4.5, 2,400 sq. ft. Last home we're doing with kids. Anything else will be a condo where I don't have to do shit after 60-65. Probably a 2/2 in a fun/warm area. Bounce back in the summer/hurricane season to IL.
True, but in places like Florida, etc, that don't have basements or attics, a 2000 sq ft house probably doesn't work since they have literally NO storage space.
DemocratsAreTotallyFucked says
I'm sorry I didn't invest more into Idaho. Its such a landlord friendly state. I miss the Sawtooths so much
Back to 2015 inventory levels in Orlando, Tampa.
I hate Orlando and Tampa, so I could see them not being popular. It's the FL ghetto in my opinion. Wife wants to try different parts of FL and I just don't dig it. Jacksonville is a shit hole as well.
I don't just mean Broward, but like St Lucie. I'm not paying $300k for a 20 year old 1400 sq ft that sits 45 minutes as the car drives in traffic from the beach. Same shit happened in Deltona, western Volusia County
Around here, there is a shortage of home listed because people do not want to sell their homes. One major reason is this example:
Current home, $1,000,000 mortgage at 2% has a monthly payment of $3,696.
Downsize home, $750,000 mortgage at 7% has a monthly payment of $4,990.
Moving to a smaller home at today's interest rates actually can increase the monthly nut and that is after costs like realtor commission and loan origination fees.
try the best place on Earth ... its the American Riviera ... the Florida panhandle...
AD says
try the best place on Earth ... its the American Riviera ... the Florida panhandle...
Too far to drive every weekend to Central FL. :(
The largest generation is coming online housing wise. The floor is high. Loans more secure. Less building. I wouldn't bet against housing even if it pisses people off. I'm about to drop $700k on a house in small town America. We can and will be able to afford it. I don't even care if rates come down. I simply don't care.
True, single level houses have been heavily sought after here by old folks lately. I like stairs, gives you a good workout every day
Boomers didn't save and cannot afford their monstrous houses.
Problem is, nowhere near enough people to buy them. Hector the Mexican and Alice the $18/hr cashier single mom can't afford $450k for a 1800 sq ft ticky tack shack they don't need and can't buy. With the 30-year old roof and the HVAC system that Uncle Fred put up with because at 72 he didn't notice it's 80F inside the house because the system is on the fritz due to old man heat insensitivity.
and that is why they are not selling now as the landlord investors are sitting on the sidelines, and from my review of county records, at least 50% of the townhomes are rented
Probably waiting for lower rates I imagine.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.